Super Precision Bearing Market Competitor Analysis Winning Strategies and Growth Drivers 2028

The "Super Precision Bearing Market" size is expected to grow from US$ 8,780.12 million in 2022 to US$ 13,100.28 million by 2028; it is estimated to register a CAGR of 6.9% from 2022 to 2028.

The Europe aviation sector comprises several aircraft manufacturers that use super precision bearings to improve the operational efficiency of aircraft. Super precision bearings are used in gearboxes, engines, pneumatic and electric starters, and various auxiliary aircraft positions. The rising use of super precision bearings in aerospace applications is fueling the market growth in Europe. In addition, according to the Aerospace, Security and Defense Industries Association of Europe (ASD), in 2021, the aerospace sector contributed over US$ 249.31 billion (EUR 240 billion) to the European GDP. Hence, the growth in the aerospace sector is propelling the growth of the super precision bearing market in the region.

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Companies Profiled in this report includes:

• SKF AB
• Schaeffler AG
• JTEKT Corp
• The Timken Co
• Austin Engineering Co Ltd
• NSK Ltd
• Nachi-Fujikoshi Corp
• NTN-SNR Roulements SA
• Luoyang Huigong Bearing Technology Co Ltd
• RBC Bearings Inc

Impact of COVID-19 Pandemic on Super Precision Bearing Market

The impact of the COVID-19 pandemic on industries in Europe was severe. Lockdowns imposed by the governments resulted in the shutdown of several industries, including automotive, aerospace, and textile. This drastically declined production across the automotive industry, severely affecting the growth of the region's super precision bearing market. As per the European Parliament report, the automotive industry in European Union (EU) recorded production losses of 3.6 million vehicles, which reflected a loss of US$ 105.22 billion in the first half of 2020. A drop in vehicle production declined the demand for super precision bearings in the automotive industry. However, in 2021, with the relaxation of lockdown measures, operations in manufacturing businesses resumed. Hence, the super precision bearing market gained momentum. Further, in 2021, the market witnessed high demand due to the increasing investments and national support measures after the COVID-19 crisis in automotive industry. According to the European Environment Agency (EEA), the new registration for electric cars and vans was 1,061,000 in 2020 and increased to 1,729,000 in 2021. Thus, the growing automobile manufacturing activities in Europe will fuel the growth of the super precision bearing market during the forecast period.

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Super Precision Bearing Market Segmentation:

By Type:
• Angular Contact Ball Bearings
• Cylindrical Roller Bearings

By Application:
• Spindles
• High Speed Rolling Mills
• Printing Machinery
• Precision Ball Screw
• Live Centers
• High Speed Turbochargers
• Vacuum Pumps
• Automotive
• Boat Gyrostabilizers
• Semiconductor Industry
• Textile Machinery
• Medical and Dental
• Measuring Machines
• Aviation and Defense

Italy is the largest textile machinery manufacturer in Europe. According to the Italian Association of Textile Machinery (ACIMIT), Italy has ~300 companies manufacturing textile machines and related accessories. Also, Italy is one of the world's largest producers and exporters of textile machinery. In 2020, Italy reported textile machinery production worth ~US$ 1.93 billion (EUR 1.8 billion); out of this, 83% was exported to ~130 countries. Furthermore, according to the Union of Italian Machine Tool Manufacturers (UCIMU), in 2020, the country recorded machinery production worth US$ 5.34 billion (EUR 4.97 billion), which shows a production decrease of 23.7% compared to 2019. However, in the first semester of 2021, machinery production increased by 88.2%. In addition, domestic orders of textile machinery grew by 238% in 2021 compared to January-June 2020. Also, in the first half of 2021, international orders increased by 57.5% compared to 2020. Thus, the growing textile machinery industry in Italy will fuel the growth of the super precision bearing market during the forecast period.

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